SUBORDINATE MORTGAGE. Notwithstanding any provisions of this Instrument or any of the other Loan Documents to the contrary, it is understood and agreed that the lien, terms, covenants and conditions of this Instrument are and shall be subordinate in all respects, including in right of payment, to the Bond Mortgage, subject to the terms of the Intercreditor Agreement. ATTACHED EXHIBITS. The following Exhibits are attached to this Instrument: |X| Exhibit A Description of the Land (required). | | Exhibit B Modifications to Instrument
SUBORDINATE MORTGAGE. Grantor (i) represents as a special inducement to Beneficiary to make the loan secured hereby that as of the date hereof the Mortgaged Property is not encumbered for purposes of securing debt junior to this Deed of Trust other than as specifically permitted by the Loan Agreement, and covenants that there shall be none as of the date when this Deed of Trust becomes of record, and (ii) agrees that Grantor will not, without the prior written consent of Beneficiary being first had and obtained, which consent may be withheld by Beneficiary in its sole and absolute discretion and without regard to the adequacy of its security hereunder, execute or deliver any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Mortgaged Property or any interest therein.
SUBORDINATE MORTGAGE. The Deed of Trust and Security Agreement (with Fixture Filing) (Auburn Xxxxxxx – Second) dated as of the date of this Instrument, executed by Borrower, for the benefit of Lender, securing the Other Obligations.
SUBORDINATE MORTGAGE. In addition to the protections given to Note Holder under this NOTE, a Subordinate Mortgage, dated the same date as this NOTE, may protect the Note Holder from possible losses which might result if BORROWER does not keep the promises which are made in this NOTE and/or the WRITTEN AGREEMENT signed by both the BORROWER and the CITY. However, the Note Holder may be subject to repay the HOME Program funds even if the Note Holder is unable to recover any or all of the HOME Program funds. The Subordinate Mortgage is and shall be subject and subordinate in all respects to the liens, terms, covenants and conditions of the First Mortgage. REMAINDER OF XXXX INTENTIONALLY LEFT BLANK WITNESS THE SIGNATURE(S) OF THE UNDERSIGNED Borrower:________________________________ Date: _________________________ (Xxxxxxxx’s typed full name goes here.) Borrower:________________________________ Date: _________________________ (Xxxxxxxx’s typed full name goes here.) ACKNOWLEDGMENT STATE OF ___________________________ ) ) SS: COUNTY OF__________________________ ) Before me, the undersigned Notary Public in and for said County and State, on this ________ day of__________, 200____, personally appeared___________________________________________________________, to me known to be the identical person who executed the foregoing Note and acknowledged to me that he/she executed same as his/her free and voluntary act and deed for the uses and purposes therein set forth.
SUBORDINATE MORTGAGE. The Mortgage and Security Agreement (Doctors Specialty Hospital – Second) dated as of the date of this Instrument, executed by Borrower for the benefit of Lender, securing the Other Obligations. Prudential Loan No. 706109202 CNL MOB Portfolio Mortgage and Security Agreement (Doctors Specialty Hospital - First)
SUBORDINATE MORTGAGE. The Mortgage and Security Agreement (Brookridge Heights – Second) dated as of the date of this Instrument, executed by Borrower, for the benefit of Lender, securing the Other Obligations.
SUBORDINATE MORTGAGE. Borrower shall not, without the prior written consent of Lender, which consent may be withheld for any reason whatsoever or no reason, as Lender may determine in its sole and absolute discretion, grant any lien, security interest, or other encumbrance (a "Subordinate Instrument") covering any of the Property. If Lender consents to a Subordinate Instrument or if the foregoing prohibition is determined by a court of competent jurisdiction to be unenforceable, any such Subordinate Instrument shall contain express covenants to the effect that: (a) the Subordinate Instrument is unconditionally subordinate to this Instrument; (b) if any action (whether judicial or pursuant to a power of sale) shall be instituted to foreclose or otherwise enforce the Subordinate Instrument, no tenant of any of the leases shall be named as party defendants and no action shall be taken that would terminate any occupancy or tenancy without the prior written consent of Lender, which consent may be withheld for any reason whatsoever as Lender may determine in its sole and absolute discretion; (c) rents, if collected by or for the holder of the Subordinate Instrument, shall be applied first to the payment of the Indebtedness then due and expenses incurred in the ownership, operation, and maintenance of the Property in such order as Lender may determine, prior to being applied to any indebtedness secured by the Subordinate Instrument; and (d) written notice of default under the Subordinate Instrument and written notice of the commencement of any action (whether judicial or pursuant to a power of sale) to foreclose or otherwise enforce the Subordinate Instrument shall be given to Lender with or immediately after the occurrence of any such default or commencement.
SUBORDINATE MORTGAGE. The Deed of Trust and Security Agreement (Sunrise of Xxxxxxx – Second) dated as of the date of this Instrument, executed by Xxxxxxxx, for the benefit of Lender, securing the Other Obligations. Prudential Loan No. 706108866 CHT REIT Portfolio Deed of Trust and Security Agreement (Sunrise of Xxxxxxx – First) 14591237v.3 / 28227-001181
SUBORDINATE MORTGAGE. Without the prior written consent of Administrative Agent, Borrower (i) creates or places, permits to be created or placed, attempts to create or place, through any act or failure to act, acquiesces in the creation or placing of, or allows to remain, any Subordinate Mortgage or (ii) grants any easement or dedication, seeks or obtains a zoning reclassification or variance, files any plat, condominium declaration, or restriction or enters into any Lease (other than as expressly permitted by the Loan Documents) which affects all or any portion of the Mortgaged Property;
SUBORDINATE MORTGAGE. This Mortgage is subject to and subordinate to that certain Mortgage, Assignment of Leases and Rents and Security Agreement (the "SENIOR MORTGAGE") and to that certain Assignment of Leases and Rents (the "SENIOR ASSIGNMENT") each of even date herewith from Borrower to Lender, which Senior Mortgage and Senior Assignment have been recorded immediately prior to this Mortgage.
